A year after being acquired by the Saham Group, Société Générale Marocaine de Banques (SGMB) is preparing to undergo a significant transformation. On June 24, an Extraordinary General Meeting is expected to approve a major change: the bank’s official name will be replaced, signaling a new chapter in its integration into Saham’s expanding financial ecosystem.
This rebranding proposal appears as items 13 and 14 on the meeting’s agenda and involves amending Article 2 of the company’s bylaws to update its corporate name. The move will not alter the bank’s legal form, capital structure, or headquarters location. Once approved, the new identity will mark a clean break from its historic association with the French Société Générale group.
This change is unfolding within a well-managed regulatory environment. Saham’s acquisition of SGMB was greenlit by Bank Al-Maghrib in November 2024, with the deal reportedly valued at around 745 million euros. Since then, the bank’s leadership has been steadily reshaping its operations, including decoupling its digital infrastructure from its former French parent company.
Although the official new name has yet to be confirmed, industry sources suggest “Saham Bank” is a strong contender—a name that would clearly align with the strategic vision of the group led by Moulay Hafid Elalamy.
This identity shift is more than cosmetic; it reflects Saham’s broader pivot toward financial services following its divestment from the insurance sector, which was sold to Sanlam. The group now aims to build a full-service Moroccan bank rooted in local priorities—one that balances innovation with continuity and maintains close ties with its clients.
The June 24 vote will thus go beyond a legal formality. It represents a milestone in the reconfiguration of Morocco’s banking landscape at a time when international groups are continuing to offload regional assets, opening the door for ambitious local players to step in and take the lead.
